New SoFi Survey Reveals America's Top Financial Ambitions; Two-Thirds of Gen Z and Millennials Are Willing to Skip Dining Out for 5 Years to Retire by 50
October 12 2023 - 9:30AM
Business Wire
To Accelerates Members’ Retirements, SoFi
Invest Announces a 1% IRA Match on IRA Contributions
SoFi, the all-in-one digital personal finance company, today
announced SoFi Invest1 will offer a 1% match on all eligible IRA
(individual retirement account) contributions2. This comes as a new
survey3 also out from SoFi today unveils Americans' top financial
ambitions including: creating or sustaining generational wealth,
buying a house or owning property, buying a car, retiring early and
sending kids to college.
Designed to help members plan for their retirement in order to
achieve this top financial ambition, SoFi is introducing the 1%
match on eligible IRA contributions to ensure members get more for
their hard-earned money and feel more confident in their retirement
plans. SoFi members can earn the IRA Match on all new IRA
contributions from outside accounts as well as new contributions
through ACH transfers.
SoFi Invest complements this new IRA 1% match with a full suite
of investing tools and educational resources to help members at
every step of their financial journey, including access to
credentialed financial planners, career planners and award-winning
investment tools such as SoFi Active Invest and SoFi Automated
Investing1.
Other data in the survey reveals interesting sentiment and
trends around retirement including:
- Almost half (44%) of people feel like they are not making
enough money to contribute to their retirement savings
- Almost three-quarters (71%) of people would rather own a home
compared to over one-quarter (28%) of people would rather retire by
age 50
- Men are more likely than women to be saving for retirement (54%
vs. 43%)
- Of those people saving, men are more likely to know what is in
their savings account (55% vs. 44%)
- And the younger generations are willing to give up dining out
for 5 years in order to retire by age 50
- two-thirds (66%) of Gen Z respondents would give up eating out
at restaurants for 5 years to retire by age 50
- 7 in 10 Millennial respondents would rather give up eating out
at restaurants for 5 years to retire by age 50
To learn more about SoFi’s 1% IRA Match visit here and to see
more about SoFi’s latest survey visit here.
About SoFi:
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for
digital financial services on a mission to help people achieve
financial independence to realize their ambitions. The company’s
full suite of financial products and services helps its more than
6.2 million SoFi members borrow, save, spend, invest, and protect
their money better by giving them fast access to the tools they
need to get their money right, all in one app. SoFi also equips
members with the resources they need to get ahead – like career
advisors, Credentialed Financial Planners (CFP®), exclusive
experiences and events, and a thriving community – on their path to
financial independence.
SoFi innovates across three business segments: Lending,
Financial Services – which includes SoFi Checking and Savings, SoFi
Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and
Technology Platform, which offers the only end-to-end vertically
integrated financial technology stack. SoFi Bank, N.A., an
affiliate of SoFi, is a nationally chartered bank, regulated by the
OCC and FDIC and SoFi is a bank holding company regulated by the
Federal Reserve. The company is also the naming rights partner of
SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles
Rams. For more information, visit SoFi.com or download our iOS and
Android apps.
Disclosures
1. SoFi Invest refers to the three investment and trading
platforms operated by Social Finance, Inc. and its affiliates
(described below). Individual customer accounts may be subject to
the terms applicable to one or more of the platforms below.
1) Automated Investing and advisory services
are provided by SoFi Wealth LLC, an SEC-registered investment
adviser (“SoFi Wealth"). Brokerage services are provided to SoFi
Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services
are provided by SoFi Securities LLC, Member
FINRA(www.finra.org)/SIPC(www.sipc.org). Clearing and custody of
all securities are provided by APEX Clearing Corporation.
3) SoFi Crypto is offered by SoFi Digital
Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms
described above, including state licensure of SoFi Digital Assets,
LLC, please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth,
nor the Registered Representatives of SoFi Securities are
compensated for the sale of any product or service sold through any
SoFi Invest platform. Information related to lending products
contained herein should not be construed as an offer or
pre-qualification for any loan product offered by SoFi Bank,
N.A.
2. Earn a bonus (as described below) when you transfer
investments from another brokerage firm into a taxable SoFi Invest
Active brokerage or Active retirement account (Traditional, Roth,
or SEP IRA). Bonus amounts are based on the total net dollar amount
(incoming transfers less outgoing transfers) of settled transfers
from another brokerage to an individual SoFi Invest account during
each calendar month. Bonuses will be paid within 14 days of the
last day of the month in which the transferred assets settled in
your SoFi Invest account. Bonuses will be paid into the same
account you transferred investments into. Transfers into multiple
accounts may not be combined. Assets are required to remain in your
SoFi account for 180 days. SoFi reserves the right to recoup up to
the bonus amount from any withdrawals that take place prior to the
180-day period. SoFi also reserves the right to change or terminate
this promotion at any time without notice. Important Tax
Information: The value of the reward you receive may constitute
taxable income. SoFi Securities LLC may issue a Form 1099 (or other
appropriate form) to you that reflects the value of the reward.
Please consult your tax advisor. SoFi Securities LLC and its
affiliates and associates do not provide tax advice.
Please see https://www.sofi.com/acatoffer for amount
chart
We do not accept mutual funds. These funds would need to be
liquidated prior to initiating an ACAT with SoFi. Please contact
your brokerage firm to complete this action, prior to submitting an
ACAT.
We do not accept cryptocurrency transfers, and we do not accept
stocks that trade on OTC, Pink Sheets, and/or most low-priced
securities. Check our Invest platform for any associated stocks you
may be interested in transferring – if they appear in SoFi Invest,
they are eligible to be transferred to us.
If you transfer a brokerage account with total asset value over
$5,000 through the ACAT system, SoFi will reimburse up to $75 of
ACAT Fees from your outgoing brokerage firm.
Active Investing and brokerage services are provided by SoFi
Securities LLC, Member FINRA/SIPC, (“Sofi Securities). Clearing and
custody of all securities are provided by APEX Clearing
Corporation.
3. The SoFi Ambition Survey findings are based on an online
survey of 2,000+ consumers conducted by SoFi in the U.S. between
August 21 through September 1, 2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231012676447/en/
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